CBIA Advisors, Inc. principals Larry Fentriss and Tim Anonick founded a limited partnership in 2006 which focused on opportunities available to recapitalize banks and work intimately with them to help them achieve their goals. The fund's investment criteria includes a number of critical factors, including market characteristics, financial condition of the institution, resources needed to complete the turnaround, initial valuation of the bank, and likely exit valuations. The fund seek growth markets where consolidation activity at high premiums is likely.
Below is the first investment the fund has made:
Progress Bank
Investment made in April 2007
After acquiring Bay Financial Savings Bank, FSB, of Tampa, FL in April 2007, CBIA brought in a new management team to reduce costs, increase fee income, increase the net interest margin and found ways to work through troubled loans. The bank also converted from a federal savings bank to a commercial bank and changed its name to Progress Bank. With the conversion, the bank has changed its focus to commercial lending and has added a new branch.
progressbankfl.com
